The N6.2tn budget amendment bill has been approved by the National Assembly, allocating approximately N2tn towards the development of the Lagos-Calabar highway and various other road projects.
Following the presentation of the report on the 2024 Appropriation (Amendment) Bill by Olamilekan Adeola, the Chairman of the Senate Committee on Appropriation, the bill was passed for the third reading.
On July 17, 2024, President Bola Tinubu submitted a bill to the Senate for an Act to amend the Appropriation Act, 2024, proposing N6.2tn with N3.2tn for capital expenditure and N3tn for recurrent expenditure.
The allocation includes N700bn for the construction of the coastal road connecting Lagos to Calabar, spanning across several states including Lagos, Ogun, Ondo, Delta, Bayelsa, Port Harcourt, Akwa Ibom, and Cross River.
An amount of N530bn is designated for the Port-Harcourt to Maiduguri railway project, passing through states such as Abia, Enugu, Ebonyi, Anambra, Benue, Nasarawa, Plateau, Kaduna, Bauchi, Gombe, Yobe, and Borno.
Additionally, funds are set aside for projects like Badagry to Tin Can Port, Lekki Port, Ijebu Ode, and Kajola.
The African Trans-Sahara Highway, which will stretch through Benue, Kogi, Nasarawa, and Abuja, is allocated N200bn.
Moreover, N349bn is earmarked for water, irrigation, and dam development projects, among others, while N75bn is assigned to the Livestock Development Programme.
In his remarks during the bill presentation, Olamilekan mentioned, “The bill underwent readings and was referred to the Committee on Appropriations for necessary legislative actions.
“The 2024 Appropriation Act (Amendment) Bill is intended to provide additional funding for various infrastructure projects nationwide and to cater to recurrent expenditure needs, including the increment in minimum wage for effective governance.”
Following consultations with key stakeholders and the Minister of Budget and Economic Planning, the Committee submitted a harmonized report on the Amendment Bill, which was subsequently passed for the third reading by the Senate President.
The updated budget, as presented by Olamilekan and endorsed by the Senate, also includes N1.742tn for statutory transfers and N8.27tn for debt servicing.
House of Representatives Backs N35.06tn Budget
The House of Representatives has approved a supplementary bill to increase the 2024 Appropriation Act from N28.7tn to N35.06tn.
On July 17, 2024, the House passed the N6.2tn extra-budgetary proposal by President Tinubu. The bill advanced to the third reading with clauses 1 to 13 deliberated and approved by the Committee of Supply.
The breakdown of the proposed N35.06tn budget for 2024 includes N1.74tn set aside for statutory transfers, N8.27tn for debt servicing, N11.2tn for recurrent expenditure, and N13.77tn allocated to the Development Fund for capital projects by December 31, 2024.
Chairing the debate on the bill’s general principles, Abubakar Bichi, the Chairman of the House Committee on Appropriation, appealed for the endorsement of the Committee’s recommendations.
After the passage of the budget, Bichi expressed, “We have ratified the N6.2tn budget of Mr. President, the budget of renewed hope.
“Of the total, N3.2tn is designated for capital projects, while approximately N3tn will cover recurrent expenses. The development of critical infrastructure like the Lagos-Calabar coastal highway, spanning nine states and about 700km, is a key agenda for Mr. President.
“Other significant projects include the Sokoto-Badagry highway crossing seven states over 1,000km, and infrastructural advancements from Ebonyi to Abuja along the Trans-Saharan route. Adequate funding is crucial for the successful execution of these projects,” he explained.
Furthermore, strategic rail projects spanning Abuja, Katsina, Kaduna, Kano, and extending to Maradi in Niger Republic will receive funding from the budget.
He assured the parliament’s commitment to engaging with Ministries, Departments, and Agencies to ensure the budget’s full implementation.
“We have engaged with the Minister of Budget and the concerned implementation bodies – Transport, Works, and Water Resources Ministers. They have affirmed that upon budget approval, project implementation will be seamless.
“The Minister of Budget and National Planning has assured us of the availability of funds for projects to kick off,” he affirmed.
Regarding the N3tn allocation for the N70,000 minimum wage payment, Bichi stated, “We have conducted thorough calculations based on data from the Accountant-General’s office, ensuring ample funding until December 31. Nigerians can anticipate the dividends of democracy.”